All Forum Posts by: Fausto Carosella

Hey All! I have a Double Wide in Fort Myers in Jamaica Bay, which is a very popular 55+ community right in the middle of everything. Seller is asking 39K and is willing to finance with a small downpayment. It's dated but maintained and clean. Should rent between 1800-2000 on the conservative end. Would make a great COC return or great for a snowbird. Reach out if you're interested!

Hey All,

I'm finding myself passing up potential deals between Palm Beach and Broward counties here in SE Florida (Occasionally Miami area as well) because I don't have the bandwith to take them down. I'm not one to build a massive buyers list and "blast out" what I have to everyone, so I'm looking to build two or three solid relationships with cash/hard money buyers that can actually close on a deal if it fits their criteria. These aren't daisy chain properties. If you're a wholesaler that's fine, but let me know that you are, and perhaps we can figure out how we might work together. If you're actively buying and looking for your next deal in SE Florida drop me a PM and let's chat.

We have a property in Florida in an LLC insured with Tower Hill Insurance. They are now requesting/requiring listing an "owner" as additional insured. Is there a rationale behind wanting this now, or a consequence for that matter? Also, what if said property has multiple LLC's as members? Just looking for thoughts or insight if anyone has it. Thx!

Hello Friends! What kind of Cap Rates are you multi-Family and apartment buyers looking at right now in the Fort Lauderdale & Hollywood Areas? Thanks!

Hey all, For clarification purposes: If someone is trying to qualify to purchase a single family to use as a rental, a lender will use 75% of the rent toward the monthly debt service? 

For example if PITI on the property is $1500 and the market rent is $2000 that property's potential income should qualify (on a basic income level) by itself, correct?

Lenders I have worked with in the past have told me this is how they qualify the rental, a new lender I am looking to work with is giving me conflicting info, saying they only use 25% of the 1500.

Can any other lender friends provide further insight? Thanks...

Ok got it! Thanks @Kevin Romines!

@Kevin Romines Thanks for the reply... maybe I can be a little more specific and see what you think. I have a mortgage on the home with a balance of 130k, Value is 330k (conservatively). I have a LOC of 100k maxed out because I was going to use it but didn't it is sitting in the bank (burning a hole). I can lower my mortgage by about 2 Points which I'd love to do but I'd also like to be able to keep a LOC (which should be about 30K more now) handy for anything that I might want to take advantage of. How would you recommend going about that? -- I probably should talk to the lender but I wanted to throw it out to the think tank first....

Currently I have a LOC on my property... The value has gone up and I want to apply for a larger LOC, but I also want to refi to take advantage of the much lower interest rate (I don't want to take the cash out)... If I refi how will that effect the line of credit?

Hey Attorney friends in Florida. FAR BAR AS IS : Everything is Initialed and signed on "main contract".... If Paragraph 19A condo rider is checked off, but we don't have one executed because we didn't receive the info from the seller (right of refusal, monthly quarterly, semi annual dues etc.) is the rest of the contract still enforceable? As I understand it addenda are incorporated INTO, but not necessarily contingent upon having one to be an executed contract... Can anyone clarify? Thanks. 

Hey all, especially my lender friends... As I understand it when financing with an FHA loan gets a low appraisal, it might be an option where buyer can switch to a 203K and use 110% of appraised value. Has anyone done this?